Shifting Demand Toward Solar Water Heater to Fuel the Market Growth
Increasing demand for efficient source of water heating such
as solar & heat pump and the rising consumption
of hot water in healthcare, hotels and restaurant is driving the global commercial
water heater market.
According to TechSci
Research report, “Commercial Water Heater Market – Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Global Commercial Water Heater Market
is driven by increasing construction, increasing temperature in some countries
and rising demand for solar water heaters as well as heat pump water heaters.
An important aspect that affects the
demand for business heaters is the variety of commercial heaters availability,
each of which differs from each other in terms of power capability, fuel type
used, and storage capacity. Owing to the aggregative energy crisis, a number of
important players are concentrating on creating efficient heater technologies
and employing renewable energy sources to regulate energy usage and lessen the
severity of this issue.
In tank systems, heated water is kept in
an insulated container. They are frequently run-on electricity or natural gas
for fuel. Traditional tank water heaters have the benefit of being simple to
install as their main benefit. The majority of tank storage systems heat with
natural gas, which is less expensive than electricity. Their upkeep is easier
and less expensive because they are less sophisticated and have fewer parts.
The typical tank's frequent requirement to reheat the water is one of its
biggest problems. In cold conditions it may raise the temperature of water
regardless of a person’s needs. They take a long time to heat water and take up
a lot of room.
When properly cared for and maintained,
a typical commercial water heater should last 20 years or longer. The
electronics on the majority of newer hot water systems won't likely last that
long, but the rest of the equipment is made to generate a lot of hot water for
a long time without having many issues.
The system will probably just require a
repair if it is less than 20 years old. If the system is any older, it would be
best to replace it totally, although that entirely depends on the type of
repair.
Electric water heaters operate with an
incredibly high level of efficiency. They are mostly employed in Asia Pacific
since nations such as China, India, South Korea, and Japan are concerned with
lessening the carbon footprint caused by the usage of fossil fuels. The demand
for electric water heaters is expected to expand over the course of the
projection period as a result of increasing electrification rates and greater
user accessibility. Strict government rules to minimize greenhouse gas
emissions along with a growing focus on limiting energy use are likely to have
a favorable effect on demand for solar water heaters because of the quick
depletion of non-renewable resources.
The product's availability in multiple
capacities meets a variety of customer needs, including its use in saunas,
kitchens, bathrooms, and swimming pools, which in turn is driving market
growth. A wide range of commercial settings, including healthcare, banks,
hotels, and government and educational institutions, can use the water
heater with high levels of usability. Significantly, the 301-500 liter capacity
category is expected to witness considerable expansion over the projected
period because of the strong industry rules linked to the replacement of
conventional heaters with these water heaters. This upgrade should reduce
standby heat loss and offer a reasonably priced heating system for major
commercial applications.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Commercial Water Heater Market"
The global commercial water heater
market is segmented based on type, product type, storage capacity, application,
sales channel, region, and competitional landscape. Based on type, the market
is further fragmented into electric water heaters, gas water heaters, heat pump
water heaters, solar water heaters, and others (oil water heaters, bio-fueled
water heaters, etc.). Based on product type, the market is segmented into
instant and storage. In terms of storage capacity, the market is divided into
less than 50 liters, 51-100 liters, 101-300 liters, 301-500 liters, and more
than 501 liters. Based on application, the market is divided into condominium,
salon/parlor, hotels & resort, healthcare, education, others
(colleges/universities, offices, etc.). On the basis of sales channel, the
market is segmented into direct sales, dealers/agents, retailers, online, and
others (plumbers, contractors, etc.).
The electric type dominated the
global commercial water heater market in 2021 and is expected to keep
increasing at the fastest rate over the course of the forecast period. During
the forecast period, demand for commercial water heater market is anticipated
to increase across a variety of applications, including hotels & resorts,
healthcare, education. Furthermore, compared to gas items, which need expert
maintenance on a regular basis, electric water heaters require little to
no maintenance at all. When compared to their gas-powered counterparts,
these factors are projected to increase the utility of electric water
heaters.
Key market players in the global
commercial water heater market include:
- A.O. Smith Corporation,
- Bosch Industries,
- Daikin Industries Ltd.,
- Ingersoll Rand Inc.,
- Midea Group,
- Mitsubishi Electric
Corporation,
- NIBE Energy Systems Limited,
- Rheem Manufacturing Company,
- Valliant Group,
- Viessmann Group
Commercial sector services, which
contribute significantly to the global GDP of both developed and developing
economies, include institutional living quarters, healthcare facilities, and hotels.
Similar to this, the European Union has established a development schedule for
new hospitals and basic healthcare institutions in the area. These facilities
constantly need warm water for a variety of tasks, such as cleaning, bathing,
and drinking.
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“The increase in the demand for
commercial water heaters is being fueled by rising investments to establish and
expand companies in the commercial sector across various geographies.
Additionally, supportive legislation and grants for the use of renewable energy
sources in various applications would play a crucial role in the expansion of
this market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Commercial
Water Heater Market, By Type (Electric Water Heaters, Gas Water Heaters, Heat
Pump Water Heater, Solar Water Heaters, and Others (Oil Water Heaters,
Bio-Fueled Water Heaters, etc.)), By Product Type (Instant, Storage), By
Storage Capacity (Less Than 50Liters, 51-100Liters, 101-300Liters,
301-500Liters, and More Than 501Liters), By Application (Condominium,
Salon/Parlor, Hotels & Resort, Healthcare, Education, Others
(Colleges/Universities, Offices, etc.)), By Sales Channel (Direct Sales,
Dealers/Agents, Retailers, Online, and Others (Plumbers, Contractors, etc.)), By
Region, Competition”,
has
evaluated the future growth potential of commercial water heater and provides statistics and information on market structure, size, share,
and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in commercial water
heater globally.
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